Leases

12 Months Ended

Mar. 31, 2024

Leases [Abstract]

Leases

10. Leases

The Company leases various facilities in North America and Asia under operating leases expiring through August 2033. The Company also has finance leases for certain office and manufacturing equipment, which generally range from three to five years. The Company has material non-functional currency leases, which resulted in a remeasurement gains of $5,187,000, $6,515,000, and $1,989,000 during the years ended March 31, 2024, 2023, and 2022, respectively. These remeasurement gains are included in foreign exchange impact of lease liabilities and forward contracts in the consolidated statements of operations.

Balance sheet information for leases is comprised of the following:

		March 31, 2024		March 31, 2023
Leases	Classification
Assets:
Operating	Operating lease assets	$	83,973,000	$	87,619,000
Finance	Plant and equipment		4,611,000		5,549,000
Total leased assets		$	88,584,000	$	93,168,000
Liabilities:
Current
Operating	Operating lease liabilities	$	8,319,000	$	8,767,000
Finance	Other current liabilities		1,585,000		1,851,000
Long-term
Operating	Long-term operating lease liabilities		72,240,000		79,318,000
Finance	Other liabilities		1,893,000		2,742,000
Total lease liabilities		$	84,037,000	$	92,678,000

Lease cost recognized in the consolidated statement of operations is comprised of the following:

	Years Ended March 31,
	2024		2023		2022
Lease cost
Operating lease cost	$	15,047,000	$	13,176,000	$	12,472,000
Short-term lease cost		1,263,000		1,686,000		1,462,000
Variable lease cost		667,000		761,000		1,011,000
Finance lease cost:
Amortization of finance lease assets		1,508,000		1,983,000		2,088,000
Interest on finance lease liabilities		219,000		262,000		345,000
Total lease cost	$	18,704,000	$	17,868,000	$	17,378,000

Maturities of lease commitments at March 31, 2024 were as follows:

Maturity of lease liabilities by fiscal year	Operating Leases			Finance Leases			Total
2025	$	12,676,000		$	1,753,000		$	14,429,000
2026		12,374,000			1,015,000			13,389,000
2027		11,194,000			524,000			11,718,000
2028		10,928,000			364,000			11,292,000
2029		11,126,000			169,000			11,295,000
Thereafter		43,461,000			-			43,461,000
Total lease payments		101,759,000			3,825,000			105,584,000
Less: amount representing interest		(21,200,000	)		(347,000	)		(21,547,000	)
Present value of lease liabilities	$	80,559,000		$	3,478,000		$	84,037,000

Other information about leases is as follows:

	March 31, 2024			March 31, 2023
Lease term and discount rate
Weighted-average remaining lease term (years):
Finance leases		2.8			2.9
Operating leases		8.3			9.0
Weighted-average discount rate:
Finance leases		6.4	%		5.9	%
Operating leases		5.8	%		5.8	%